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Exploration and production work in the Gulf of Mexico is expected to be robust this year, as drilling activities ramp up and a number of field development projects come online as planned.
The Louisiana Mineral and Energy Board collected more than $816,900 in bonus revenue for the state in its January lease sale.
Big promises and big numbers from oil companies poured in during 2013, a year that saw oil production in the Gulf of Mexico surpass levels set before response to the 2010 BP oil spill temporarily shuttered deep water exploration.
Houston-based Fieldwood Energy has paid $750 million cash to buy SandRidge Energy Inc.’s Gulf of Mexico oil reserves and Gulf Coast business unit.
CEO Matt McCarroll told The Daily Advertiser the Dec. 1 purchase, announced Tuesday, would mean additional jobs in Fieldwood’s Lafayette office.
Southern U.S. to see nearly $500 billion in oil and gas infrastructure spending by 2025, report says
Energy companies are set to spend close to $1 trillion on oil and gas storage, processing and transportation upgrades over the next decade, investments that will support more than 900,000 jobs nationwide, according to a new report released by the American Petroleum Institute and IHS Global Insight. More than half of that spending is expected to go toward projects in the South.